Chapter 1 Flashcards
It’s a situation that exposes someone or something to danger or loss.
Risk
The probability of threat or damage, injury, liability, or any other adverse occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action.
Risk
It pertains to any source of potential damage, harm, or adverse health effects on or someone.
Hazard
The chance or probability that a person will be harmed or experience an adverse health effect if exposed to a hazard.
Risk
___ is something that can cause harm while ___ is a chance that any hazard will cause harm to somebody.
Hazard, Risk
It is the identification, evaluation, and prioritization of risks.
Risk Management
It is followed by the coordinated and economical application of resources to minimize, monitor, and control the probability of unfortunate events to achieve the desired output.
Risk Management
___ in tourism and hospitality industry is a two-way process.
Risk Management
___ is another source of risk that could impact the tourism and hospitality industries.
Credit
___ is the potential that a bank borrower or counterparty will fail to meet its obligation following agreed terms.
Credit Risk
___ and ___ are sometimes being used interchangeably.
Risk, Accidents
___ are reactive, ___ are preventive
Accidents, Risks
Necessary to reduce cost pertinent to the accident, to wit: damaged property, cost of rental, maximization of subrogation recovery.
Accident Management
7 common injuries in the hospitality industry
Slip-and-fall injuries
Musculoskeletal injuries
Skin reactions
Respiratory illnesses
Security-related accidents
Food poisoning
Elevator and escalator accidents
Accidents due to fortuitous events or acts of God (8)
Earthquakes
Volcanic eruption
Flood
Landslides
Erosion
Fire
Storm
Typhoon
Transportation accidents (3)
Air
Water
Land
Accidents due to activities (4)
Pool accident
Animal bites/attack
Drowning
Electrocution
Caused by movements of the Earth.
Natural causes and disasters
Disasters related to weather (4)
Floods
Mudslides
Landslides
Famine
___ has become one of the more and more active and threatening calamities that affect the international community.
Terrorism
It is the use of violence or threat of violence in the pursuit of political, religious, ideological, or social objectives.
Deliberate attack from an adversary
Types of events in risk management
Negative and Positive events
Strategies to manage threats (4)
Avoid
Mitigate
Accept
Transfer
___ should be capable of continual improvement and enhancement.
Risk Management
Steps on risk management process (7)
Context establishment
Identification of the potential risk
Risk assessment
Risk options
Identification of potential risk management treatments
Make a risk management plan
Execute the plan
Under context establishment
Identification
Planning
Plotting
Classification of risk sources
Internal and External
Determinants in choosing a method of identifying risks: (3)
Culture
Industry practice
Compliance
Is the stage wherein the severity of the impact of the said risk is being weighed to make the most intelligent decisions for the full implementation of the risk management plan.
Risk assessment
Techniques in managing risk (4)
Avoidance
Reduction
Sharing
Retention
